AML Compliance in UAE Real Estate

Globally, certain industries are considered high-risk for money laundering and terrorist financing and real estate is one of them that requires enhanced due diligence and monitoring.

In the UAE, the real estate sector is subject to stringent Anti-Money Laundering (AML) regulations aimed at preventing the misuse of the sector for money laundering and terrorism financing. Failure to comply with these guidelines can result in severe penalties, including fines, imprisonment, and the revocation of business licenses.

MBG’s team of experts can help you in ensuring all compliances and regulations are met not just within the national boundaries but going beyond to comply with global AML regulations. We ensure that our clients are well aware of the compliance measure, key benefits and deliverables required by the CBUAE.

Key Compliance Measures

• Customer Due Diligence (CDD): Identifying and verifying the identity of customers and beneficial owners.
• Record Keeping: Maintaining records of transactions and CDD for at least five years.
• Ongoing Monitoring: Continuously monitoring transactions for unusual or suspicious activity.
• Internal Controls: Implementing internal AML/CFT policies, procedures, and controls.
• Training: Regular AML/CFT training for employees.

Key Benefits

• Complying with the regulatory requirements for period inspection notices from the Ministry of Economy/Central Bank/SCA.
• Training the Money laundering Officer on the roles and responsibilities.
• Understanding the process for filing STR/SAR/FFS/REAR/HRC reports within the GoAML portal.
• Having the required AML framework including customer risk assessment, manuals, KYC forms, etc.
• Supporting implementation of sanction screening software as per the market practices.

Key Deliverables

• AML/CFT framework including policies and procedures
• KYC forms and internal reporting forms
• Risk assessment matrix
• AML/CFT training
• Monthly/periodic AML compliance review report